HOUSINGWIRE MAGAZINE—December 2013
What’s the Big Deal?
By: Brena Swanson
Sometimes it is just easier to start over, and the Slavic
Village Recovery Project does just that.
The Slavic Village is a loose collection of house on the
south-east side of Cleveland, Ohio that symbolize the problems of the financial
crisis.
While the crisis has long passed, the houses still whisper
the silent stories of troubling times.
Putting those memories to rest, the recovery project plans
to complete the renovation of 200 homes in the area.
Construction on the first two-story, two-bedroom homes broke
ground in July and received a complete face-lift.
The recovery team outfitted the house with a new furnace,
carpeting, cabinetry and roof, leaving the shambles of the original house
behind.
The newly finished home is expected to sell for $56,900, making
the monthly mortgage payment approximately $450, including taxes and insurance.
“This home is living proof that renovated, quality affordable
housing can be created in today’s economy,” said Robert Klein, project partner
and founder and chairman of Safeguard Properties.
The Slavic Village recovery project is a private, nonprofit
partnership, initiated in direct response to community blight and the needs of
the area. Forest City enterprises, RIK Enterprises,
Slavic Village Development and Neighborhood Progress created an alliance to
head the project.
“With the support of our partners, lenders, elected
officials and the local community, new residents and first time homebuyers will
call Slavic Village home very soon,” Klein said..jpg)
3672 East 54th
St., Cleveland, OH 44105
Value: $56,900*
Footprint: 2
Acres*
Bedrooms/Baths: 2
bedrooms, 1 bathroom*
Style: Two-story
Victorian*
Features: With most lots in the
neighborhood being 35 x 12, it is a significant feature to have 70 feet of
frontage.*
*Source: Slavic Village Recovery
Is the yard size correct? I realize there is more room now with many houses being demo'd...but that seems huge for "the neighborhood" as all of us that grew up there call it.
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